Mountain Crest Acquisition Corp. II and Better Therapeutics, Inc. Announce Registration Statement Effectiveness and Scheduled Special Meeting to Approve Business Combination on October 27, 2021
October 12 2021 - 7:00PM
Mountain Crest Acquisition Corp. II (NASDAQ: MCAD, “Mountain Crest
II”), a publicly-traded special purpose acquisition company and
Better Therapeutics, Inc. (“Better Therapeutics”), a prescription
digital therapeutics (PDT) company developing cognitive behavioral
therapy to address root causes of cardiometabolic diseases, today
announced that MCAD’s registration statement on Form S-4 (File No.
333-255493) relating to the previously announced merger of MCAD and
Better Therapeutics has been declared effective by the U.S.
Securities and Exchange Commission as of October 12, 2021. MCAD
also announced that it will hold its special meeting of
stockholders (the “Special Meeting”) on October 27, 2021 at 10:00
am Eastern Time to, among other things, allow its stockholders to
vote to approve the proposed Business Combination with Better
Therapeutics. The Special Meeting will be completely virtual and
conducted via live webcast at the following address
https://www.cstproxy.com/mcacquisitionii/2021. Stockholders will be
able to attend the meeting by using the control number that is
printed on their proxy card.
Holders of shares of MCAD’s common stock at the
close of business on September 8, 2021 (the "Record Date") are
entitled to vote at the virtual Special Meeting.
If the proposals at the Special Meeting are
approved, the parties anticipate that the Business Combination will
close shortly thereafter, subject to the satisfaction or waiver (as
applicable) of all other closing conditions. Upon the closing of
the Business Combination, the parties expect that the combined
company will operate as Better Therapeutics, Inc., and that the
shares of common stock of the combined company are expected to be
listed on The Nasdaq Capital Market under the symbol “BTTX.”
MCAD stockholders who need assistance voting,
have questions regarding the Special Meeting, or would like to
request documents may contact MCAD’s Proxy Solicitor Advantage
Proxy at 877-870-8565 or email Karen Smith at
KSmith@advantageproxy.com.
About Mountain Crest Acquisition Corp.
II
Mountain Crest Acquisition Corp. II is a blank
check company formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. Mountain
Crest II ’s efforts to identify a prospective target business will
not be limited to a particular industry or geographic region,
although the company intends to focus on operating businesses in
North America.
About Better Therapeutics
Better Therapeutics is a prescription digital
therapeutics (PDT) company developing a novel form of cognitive
behavioral therapy to address the root causes of cardiometabolic
diseases. The company has developed a proprietary platform for the
development of FDA-regulated, software-based solutions for type 2
diabetes, heart disease and other conditions. The cognitive
behavioral therapy delivered by Better Therapeutics’ PDT is
designed to enable changes in neural pathways of the brain so
lasting changes in behavior become possible. Addressing the
underlying causes of these diseases has the potential to
dramatically improve patient health while lowering healthcare
costs. Better Therapeutics clinically validated mobile applications
are intended to be prescribed by physicians and reimbursed like
traditional medicines. For more information visit: bettertx.com
Additional Information
This press release relates to a proposed
transaction between Better Therapeutics and Mountain Crest II. This
press release does not constitute an offer to sell or exchange, or
the solicitation of an offer to buy or exchange, any securities,
nor shall there be any sale of securities in any jurisdiction in
which such offer, sale or exchange would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. Mountain Crest II filed a registration statement on
Form S-4 with the SEC on April 23, 2021 and subsequent
amendments on Form S-4/A (the “Registration Statement”), which
included a proxy statement and a prospectus of Mountain Crest II.
The Registration Statement was declared effective by the SEC
on October 12, 2021. On October 12 2021, Mountain Crest
II filed the definitive proxy statement/prospectus with the SEC.
Mountain Crest II also will file other documents regarding the
proposed transaction with the SEC. Before making any voting
decision, investors and security holders of Mountain Crest II are
urged to read the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC in connection
with the proposed transaction as they become available because they
will contain important information about the proposed
transaction.
Investors and security holders may obtain free
copies of the proxy statement /prospectus and all other relevant
documents filed or that will be filed with the SEC by Mountain
Crest II through the website maintained by the SEC
at www.sec.gov.
Participants in the
SolicitationMountain Crest II and Better Therapeutics II
and their respective directors and officers may be deemed to be
participants in the solicitation of proxies from Mountain Crest
II’s stockholders in connection with the proposed transaction.
Additional information regarding the interests of those persons and
other persons who may be deemed participants in the proposed
transaction may be obtained by reading the proxy
statement/prospectus regarding the proposed transaction. You may
obtain free copies of these documents as described in the preceding
paragraph.
Non-Solicitation
This press release shall not constitute
a solicitation of a proxy, consent, or authorization with respect
to any securities or in respect of the proposed business
combination. This press release shall also not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 including statements about
the parties’ ability to close the proposed Business Combination,
the anticipated benefits of the proposed Business Combination, and
the financial condition, results of operations, earnings outlook
and prospects of Mountain Crest II and/or Better Therapeutics and
may include statements for the period following the consummation of
the proposed Business Combination. In addition, any statements that
refer to projections (including EBITDA, adjusted EBITDA, EBITDA
margin and revenue projections), forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
Forward-looking statements are typically identified by words such
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The forward-looking statements are based on the
current expectations of the management of Mountain Crest II and
Better Therapeutics, as applicable, and are inherently subject to
uncertainties and changes in circumstances and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated. These forward-looking statements involve a number
of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements including:
risks related to; the ability to complete the proposed business
combination due to the failure to obtain approval from Mountain
Crest II’s stockholders or satisfy other closing conditions in the
definitive merger agreement; the amount of any redemptions by
existing holders of Mountain Crest II’s common stock; the ability
to recognize the anticipated benefits of the business combination;
other risks and uncertainties included under the header “Risk
Factors” in the registration statement on final definitive proxy
statement/prospectus filed by Mountain Crest II on October 12,
2021.
Mountain Crest Acquisition Corp.
II
Dr. Suying LiuChairman and CEO311 W 43rd St,
12th Fl, New York, NY 10036(646) 493-6558
Better Therapeutics Media
ContactHeidi Chokeir, PhD+1 619 203
5391heidi.chokeir@canalecomm.com
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